Write a Review
NIMS offers a diverse and vibrant community where students can not only excel academically but also grow personally through engaging experiences and supportive networks. Help other students by share your experiences at NIMS.
Assignment on financial accounting
To establish the importance of financial accounting in getting an insight to get the profitable growth in business by evaluating its various aspects.
Objective : The objective of this assignment is to establish the importance of financial accounting in the business process. Being the system of recording, classifying and summarising financial transactions of an enterprise in monetary terms, it is a very wide term covering the various aspects that finally become helpful in analysing and interpreting the results. This assignment is covering the case of a Singaporean company which sells speciality software products. Whenever the company gets the order, it goes through a tough delivery system as first of all the software to a DVD was burnt and printed by its technician specialist and then he affixes a label. After then, it is inserted into a DVD envelope and then inserted into a padded mailer. In the further process, a mailing label and postage are printed on it by the clerk which is eventually is dropped off by the delivery man in form of several mailers at once at the post office. Now, the company has decided to change its distribution system by developing an online system for taking the orders of customers. The company has also decided to allow the customers to download the software directly from the website. The company has also engaged a web developer to design and implements a website for the company. Now, the noticeable point is that any change in the new method of distribution channel will significantly bring changes in operations which are liable to affect the overall functioning of the business both positively and negatively as the way the firm handles distribution is crucial. It is important to choose a distribution channel which could help your firm to get the products to reach to the customers in the easiest, fastest and the most profitable way. So, if we focus on business analysis case then the firm can catch up with the competition by creating applications that established customers’ use of the web. A credible commerce channel from existing online assets can be developed which is the permanent route to a group of customers. The costs can be reduced in many areas which include a reduction in information technology expenses also and then partner inclusion can be improved by allowing the transferring of workloads and creation of competitive business channels. In terms of financial analysis, the firm can step up towards the profitable growth by using the high-tech tools which should be based on the understanding of the customer’s needs. These steps could be of immense importance as it will not only simplify the product line but also helps the firm to focus on their largest most profitable customers along with linking performance measures to customer satisfaction and loyalty. The firm can simplify pricing and deal structures and can use internet technology to collaborate with the customers. Application of e-business solution will help the firm identify the taxes affected by supply chain decisions which include customs duties, sales or use taxes, property taxes and etc. This data gathered would help the firm to review tax reduction strategies and set up centralised tax planning. Now when the firm decided to opt for new distribution channels then some new cost heads may also arise. These costs may arise in a dynamic content generation, security and access control, collaboration and etc.
Conclusion: It can be concluded that the firm must go ahead with the plan of letting the customers download directly from the website. It will save the cost of the company associated with sending out DVDs. It also provides an opportunity for the firm to move ahead in the field of e-business which helps the firm to achieve shareholders’ goals in many other industries. Employing e-business technology for logistic planning, scheduling and e-fulfilment will enable the firm to analyse tax implications in each network. Since the firm has decided to engage a new web developer so the recruitment decision must be in accordance with fulfilling the firm’s goal to grab the specific skill sets. In addition to financial measures, the quality analysis is also a part of financial accounting which ensures the long-term developmental cycle of the firm. This includes the e-enterprise methodology that Marshall all the data about the customer’s behaviour along with intelligence about broader market trends and competitive behaviour which ultimately help the organisation to select and define its target market. With the business case analysis, it is pertinent to hire well paid and highly skilled employees as the market skilled programmers are the key to success in the market and also software market requires employees with specific know-how along with hardware devices. Since software market has many buyers which include individual consumers along with businesses of all sizes and government institutions and a wide range of industries such as banking services, retail, logistics, healthcare and etc. So, delivery system should be with reasonable cost.
04 Oct, 2018
NIMS offers a diverse and vibrant community where students can not only excel academically but also grow personally through engaging experiences and supportive networks. Help other students by share your experiences at NIMS.